The Treaty of Karlowitz was signed on January 26, 1699, marking the end of the Great Turkish War between the Ottoman Empire and the Holy League, which included countries like Austria, Poland, and Venice. This treaty was significant as it shifted the balance of power in Europe, leading to the decline of Ottoman influence in Central Europe. Under the terms of the treaty, the Ottomans ceded large territories, including parts of Hungary, Transylvania, and Slovenia, to the Habsburg Monarchy. This agreement established a new border and laid the groundwork for future conflicts and treaties in the region, influencing European politics for years to come.